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Warning! This company is not making material information publicly available
New "CEO" has NOT disclosed the many years of fraud grillit was used to commit.
GRILLiT Inc. (the "Company") (OTC: GRLT) today announced that it has closed on a fixed rate $500,000 note with Mammoth Corporation.
The Company received the initial tranche of $50,000 on Thursday, June 3, 2021 and, upon consent of the lender, GRILLiT Inc. will be able to access additional funds on the same terms up to $500,000. This note is not convertible into common stock unless there is a default on the monthly installment payments. We also negotiated that with each tranche, the installment payments are deferred 90 days to allow for a buildout period of each future Pretzel Haus location. This note will be used to carry out our expansion strategy of The Pretzel Haus by funding the buildout to get us close to 10 locations in the greater Tampa market over the next 2-3 years.
"It also aligns with all the communications I have made that I do not have any plan to execute a reverse split and that I have no plans to authorize additional shares beyond what was authorized by previous management. GRILLiT Inc. was in a terrible position due to previous management who did not understand how a public company must be built on operations that are financially sound and not on the continuous authorization of shares to fund unprofitable operations."
"I believe that we now have the necessary funding in place to open 8-9 additional locations as we get closer and closer to the Grand Opening of our initial Pretzel Haus location in Palm Harbor FL at the end of July. Greg Mitchell"